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UPDATE Sept. 23, 2019: Holders of the now have access to this rewards conversion feature. Below is our article from July 8, 2019, on the announcement of the feature, updated to reflect details including the transfer ratio.
The popular , an excellent cash-back credit card, now allows cardholders to transfer those rewards to Citi’s ThankYou points program, effectively at a 1:1 ratio.
Messages about the feature began appearing in customer accounts in July 2019. Key missing information then was the transfer ratio, meaning what the cash-back rewards are worth after you convert them into ThankYou points. Citi now notes that "you'll receive 100 points for every $1 you convert."
You must have at least $1 in cash back rewards to transfer, but there's no maximum limit. Conversions from cash back to points are non-reversible.
And if you didn't already have a ThankYou points account? No worries. Citi has already set up one for you and linked it to your . (If you're not interested in having such an account, you can call Citi and ask for it to be closed.)
It certainly could be. NerdWallet values ThankYou points at an average of , depending on what you redeem them for. Redemption options include travel, gift cards and more. But cash is a more flexible currency than any reward points, including ThankYou points, because you can spend it on anything — so a key to converting this card's cash rewards into ThankYou points would be to get back more than the cash value.
The -annual-fee has the potential to provide that outsize value, given the 1:1 transfer ratio. That means you essentially earn 2 ThankYou points per dollar spent — just as the card now earns 2% cash back per dollar spent: 1% when you make a purchase, and another 1% back when you pay it off.
Depending on which other Citi cards you have and where you’re likely to travel, you might get good value from using Citi’s travel-booking site or .
In terms of travel partners, the allows transfers of ThankYou points only to JetBlue. But if you had a or , you could combine your ThankYou accounts and redeem points earned by the with one of those higher-end cards, which have many more transfer partners. (Keep in mind, though, that JetBlue is Citi's only domestic partner.)
Also notable to travelers: Citi from its credit cards as of this year. And the charges a foreign transaction fee of 3%.
Regardless of this new transfer option, the is a perennial NerdWallet top pick among for its high rate and its simplicity. Of course, choosing to strategically transfer rewards to ThankYou points adds a layer of complexity.
Information related to the has been collected by NerdWallet and has not been reviewed or provided by the issuer of these cards.